Increasing customer loyalty in the face of high inflation

Increasing customer loyalty in the face of high inflation

It is always inconvenient to inform your customers that you must raise the prices of your goods and services, especially during this period of high inflation that affects every aspect of the Ghanaian economy.

During my recent interactions with some customers, it was clear that they intend to remain loyal to at least one brand during this inflationary period, despite the fact that more than half of them is disloyal. During this time, these customers have stopped purchasing a favourite brand in favour of a less expensive one.

Empathy and Encouragement in Marketing

Marketing campaigns should include promotional messages that have been repackaged to address customers' current challenges in dealing with rising prices of goods and services. The typical brand emphasis on positive lifestyles may be inconvenient in the current financial situation customers may be in.

By communicating ideas to help customers cope with the current uncertainty and anxiety, business messages should demonstrate empathy and encouragement. Businesses must tailor their marketing messages to their customers' specific needs and desires. Customers typically respond favourably to communication that addresses their needs and offers solutions to their problems.

Boosting your loyalty programme

Most customers will appreciate being recognised for continuing to do business with you, so create loyalty programmes, discounts and sales promotions. Many people are currently dealing with high inflation and making difficult decisions, and your company's loyal programme may provide some flexibility in their spending plan.

Businesses should go beyond rewarding customers for purchases and promoting and recommending their brand and products on social media in order to attract new customers.

Provide consumers with convenience

Although most consumers are looking for ways to save money, they are willing to spend a little for convenience. I believe businesses that want to keep thriving during this period must keep adapting to the current consumer preferences, including improving satisfaction.

Providing online services as an option for customers to transact business and offering delivery services will ease some pressure from their busy schedules. One of my pain points is the waiting in line for healthcare patients, even though these health centers can offer convenience through booking and scheduling times to meet the health professionals.

Emphasise the benefits of your products and services

To maintain brand loyalty in the face of rising living costs, I will advise business owners to focus on their value offerings. When prices begin to rise, consumers are more likely to stick with a product in which they have confidence in the quality and value. Businesses must highlight the unique features of their products and services that make them worthwhile. People are always looking for value in products and services, and they are careful with their money. Customers want to save money while also having fun.

Show your gratitude to your customers

The art of expressing gratitude to customers and making them feel valued and respected is known as customer appreciation. Businesses can generate positive momentum among their customers.

I will advise businesses to prioritise customer appreciation as one of the ways to strengthen relationships, which will result in higher retention and referral rates. Gratitude, I believe, has psychological benefits for team members and contributes to a positive work environment where people come first.

Check in on your customers on a regular basis

Any company that wants to stay competitive in today's high-inflation environment must ensure that they check in on their customers with a sense of loyalty.

Customers now have higher expectations than in the past due to increased access to information and technology. They are also educated and concerned about value for money. Businesses should focus not only on acquiring new customers but also on retaining existing ones. Following up with new customers can help with the onboarding process.

The writer is a Lecturer at University of Professional Studies Accra
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